Re: [SOFTWARE SALE LIVE] FACTOM - Introducing Honesty to Record-Keeping

I like this project and I bought some Factoids. I'd like to buy more but I'm concerned that the Factoid price will tank as soon as they hit the market in May. Most (all?) other crowdsale coins have followed a similar pattern. Any thoughts on this?

Also, will Factoids be stored on the BTC blockchain like XCP? Will a wallet be released for them by the time they are issued?

4,000,000 Factoids have been sold so far, you need to also consider how many there will be in circulation and how many converted to Entry Credits thus used.
Factoids use is to be converted to entry credits to allow access to Factom, that is their main value, people may trade, if it goes up or down is out of our control.

As per the wallet, work is in progress to implement Factom's own solution, we'll release news and updates as we go along.
We have had interest in supporting Factoids from exchanges and are open to allow as many options as possible, make it easy to use them.

Thanks for the questions.

What I find slightly bizzare that no one seems to be batting an eyelid over is the ease at which you've managed to say to investors on top of all the money you pool together for us, we're entitled to an equal amount of the tokens we're selling! So for the 4,000,000 Factoids sold, 8,000,000 will be created, effectively saying that if we assume Factoids hold their value, you double everything you raise at the end to personally enrich devs and early investors.

In the history of notable crowdsales on this forum, J.R. Willet invested a substantial amount of his own money to buy his mastercoins, the counterparty guys invested a substantial amount of their own money to buy their counterparty tokens, same with David Irvine and co with maidsafe. Joel Dietz I believe tried to do something similar in a more stealthful way by showing on a pie chart that early investors (prior to the crowdsale) would be awarded a set number of swarm at a rate about 10% higher than crowdsale participants and this would amount to just 3% of their $21m funding goal. However because they didn't reach anywhere near their funding goal, the amount of swarm given to pre-crowdsale investors represented a much higher %age causing a revolt from disgruntled investors. I'm pretty sure the outcome was that Joel and co burnt a large amount of their coins by sending them to an un-spendable address.

You're taking all the bitcoins, then all the tokens to the value of those bitcoins on top! I'm not trying to troll your sales thread but seems very wrong to me and an insulting proposition to put forward to investors.

I have participated in the sale with my little amount of BTC. I support the project as I trust the team to deliver.
Before I contributed to the sale, I have read the Koinify page very carefully and realized that after the crowdsale there will be double the amount of the total Factoids raised.
To be honest I don't have the slight issue with that, I don't see it as a problem.

First, they have been clear about it before the sale even started, and the info is available on the sale page itself, so everyone is aware of that.
Second, early contributors who account for 30% of the extra Factoids are the people that helped Factom to get to where they are now, from their Team Page you can see how many actual team members they have. I personally don't have a problem with that too, if the coins go to people who spent their time to help the project I think they do deserve a reward.
Third, by the looks of it, the crowdsale is still ongoing until the 15th of May. If it continues at this rate they may sell about 5/6 million coins. Even by doubling that, the number of Factoids available is really small compared to other coins. So "investors" as you call them (they get access to software not to shares or dividends) will still be holding a pretty rare coin. If that number was 200 million instead then I would be a little bit more worried. Even then Factoids are going to be used once they are converted to Entry Credits, there are more to be created for rewarding nodes on the network, but I think so long as Factom gets used by businesses and organizations for record keeping I am very positive about the value of Factoids going forward.

I don't mean with this to criticize your comment but maybe it is a little over the top. Everyone is entitled to their own opinion. I gave you mine.

Yeah fair enough, interesting to read your perspective on it.